The Government of the Republic of Austria and the Government of the Islamic Republic of Iran, hereinafter referred to as the „Contracting Parties“,

Desiring to intensify economic cooperation to the mutual benefit of both States;

Intending to utilize their economic resources and potential facilities in the area of investments as well as to create and maintain favourable conditions for investments of the nationals of the Contracting Parties in each others’ territory and;

Recognizing the need to promote and protect investments of the nationals of the Contracting Parties in each others’ territory;

Have agreed as follows: